Putrajaya is looking to generate up to RM416 million from the sale of 1MDB land in Pulau Indah.

According to The Edge, the land has free trade zone status and the buyer would be granted a fresh 99-year lease.

Citing sources, the report said that a reserve price had not been set but the government was looking to get more than RM30 per square foot from the 318-acre plot of land.

Real estate firm CBRE | WTW has been appointed the exclusive marketing agent for the sale.

1MDB had purchased the land from Tadmex Resources Bhd back in 2014 but at an allegedly inflated price, according to DAP's Tony Pua.

Then deputy finance minister Chua Tee Yong, however, denied this saying the RM20.80 psf was fair.

However, his claim that the purchase was financed by a RM540 million loan from the Export-Import Bank of Malaysia (Exim) contradicted fellow deputy minister at the time Ahmad Maslan who said the money was used for the maintenance of power plants and operations involving energy export.

1MDB tried to sell off the land in 2015 but no developments were reported.